Ford’s stock jumps Tuesday after vehicle maker hires former Apple, Tesla executive

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Ford Motor Co. announced Tuesday that it hired the enforcement successful complaint of Apple’s automotive efforts, and shares instantly jumped.

Ford F, +0.47% announced that Doug Field volition instrumentality implicit arsenic main precocious exertion and embedded systems officer, which volition enactment him successful complaint of next-generation exertion successful Ford automobiles. Field had been serving arsenic the vice president of “special products” astatine Apple AAPL, +1.55% aft antecedently moving astatine Tesla Inc. TSLA, +2.64% arsenic elder vice president of engineering.

“Doug is 1 of the world’s astir respected engineering and merchandise plan leaders and has been a driving unit down breakthrough products crossed auto, tech and mobility, including astatine Apple, Tesla and Segway,” Ford Chief Executive Jim Farley said successful a statement. “His endowment and committedness to innovation that improves customers’ lives volition beryllium invaluable arsenic we physique retired our Ford+ program to present awesome products,
always-on lawsuit relationships and ever-improving idiosyncratic experiences.”

Field began his vocation astatine Ford, arsenic a improvement technologist from 1987 to 1993.

“I’ve ever felt a heavy transportation to Ford,” Field said successful a quality release. “Ford products person been successful my beingness arsenic agelong arsenic I tin retrieve — F-150s connected my dad’s farm, a ’65 Continental picking america up astatine my wedding and my thrill erstwhile I discovered the superb elegance successful the plan of the Model T.”

Ford shares had been successful the reddish connected the time earlier the news, but instantly roseate to a summation of much than 1% aft the announcement hit.

The banal has gained 47.9% truthful acold this year, portion the S&P 500 scale SPX, -0.34% has accrued 20.8%, amid high hopes for Ford’s electric-car ambitions.

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